Three key items from the IRS that you should consider when filing your taxes in 2022.
1. Changes to the charitable contribution deduction
Taxpayers who don't itemize deductions may still qualify to take a deduction for charitable contributions made in 2021 to qualifying organizations. Married taxpayers filing jointly can deduct up to $600, and all other filers can deduct up to $300.
2. Advance child tax credit payments
If you received the advance child tax credit payments in 2021, you will need to compare the amount of payments you received in 2021 with the amount of the child tax credit that you can properly claim.
If you received less than the amount for which you are eligible you can claim a credit for the remaining amount.
If you did not get the monthly advance payments in 2021 you can get a lump-sum payment by claiming the child tax credit when filing your return. This includes families who don't normally need to file a return.
Note: In January 2022, the IRS will send Letter 6419 out to everyone who received the advance child tax credit payments. The form will have the total amount of advance child tax credit payments you received in 2021. You will most likely have to provide a copy of this form to your tax preparer and should keep also keep a copy for your records.
3. Economic impact payments and claiming the recovery rebate credit
If you qualified for a third stimulus check but did not receive it, or if you did not receive the full amount, you may be eligible for the recovery rebate credit. Individuals who don't usually file a tax return will need to file to claim the credit.
You will need the amount of your third economic impact payment and any plus-up payments to calculate your correct 2021 recovery rebate.
Note: In early 2022, the IRS will send Letter 6475 that contains the total amount of the third economic impact payment and any plus-up payments received. You will most likely have to provide a copy of this form to your tax preparer and should keep also keep a copy for your records.
More information available at: Get ready for taxes: Here’s what's new and what to consider when filing in 2022. https://go.usa.gov/xeFZF
Post a Comment